Economic News
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Americans 75 and older are wealthiest age group, Fed survey finds
Bolstered by steady gains in the stock market, families headed by someone aged 75 or older are now America’s wealthiest, while the youngest families saw their wealth decline in the past three years, a government report released Friday said
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The cost of drugs from Canada is set to soar for millions of Americans because of a federal rule
Millions of Americans who buy cheap drugs from Canada could soon lose access due to a new customs rule
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PepsiCo is raising prices on Doritos and more after a weak quarter in North America
PepsiCo plans to raise prices on some snacks and drinks and slash corporate costs in the coming weeks after posting disappointing third quarter results in North America
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WTO raises merchandise trade growth forecast to 3.9% as AI boom offsets hit from Middle East
The World Trade Organization is sharply increasing its forecast for global merchandise trade growth this year to 3.9%
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Unemployment benefit claims dipped slightly last week as layoffs remain low
The number of people applying for U.S. unemployment benefits fell slightly last week as layoffs remain low and most American workers enjoy job security
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EU sends envoy to Beijing as rising exports from China raise economic anxiety
The European Union is bracing for a confrontation with China as a trade deficit exceeding $1 billion a day heightens anxiety over potential job losses and pushes the bloc’s political leaders to take a more aggressive approach toward its second-largest trading partner
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Workers who said they were exploited while building US consulate in Milan agree to record payout
Foreign workers building the new U.S. consulate in Milan have signed agreements securing payouts for alleged labor abuses
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Fed minutes: Another rate hike likely coming this year to combat persistent inflation
Most Federal Reserve officials expect that another interest rate increase will likely be needed this year to combat inflation, minutes released Wednesday from the central bank’s most recent meeting showed
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IMF chief urges countries to do more to curb debt and regulate AI
The head of the International Monetary Fund says countries both rich and poor must take faster action to cut debt and counter growing inequality as their economies weather a triple whammy from the AI boom and shocks from wars in the Middle East and Ukraine
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Trump highlights a big new defense project in Maryland, a blue state whose governor didn't attend
President Donald Trump traveled to the Baltimore area to highlight a $3.7 billion investment by Anduril to build components for nuclear-powered submarines at a shipyard
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